Acorda Therapeutics (NASDAQ:ACOR) stock is falling hard on Tuesday after the biopharmaceutical company signed a stalking horse asset purchase agreement with Merz Therapeutics.
This agreement will have Merz Therapeutics acquire substantially all of the company’s assets for $185 million. That includes rights to INBRIJA, AMPYRA and FAMPYRA.
To allow for this stalking horse bid, Acorda Therapeutics voluntarily filed for Chapter 11 bankruptcy. This will have a court supervising the asset sale while allowing other companies to bid on the assets. This should come to a close in June 2024.
Acorda Therapeutics president and CEO Ron Cohen said the following about the plan:
“One of our top priorities is to ensure an uninterrupted supply of our medications to people with multiple sclerosis and Parkinson’s disease. We are confident that Merz Therapeutics, if they are the ultimate acquirer, will be able to seamlessly continue serving these patients’ needs.”
What’s Next for ACOR Stock?
Considering the bankruptcy and stalking horse bid, it doesn’t look like ACOR stock will continue to trade publicly for much longer. Investors will likely get an update on its delisting in the near future.
With this news comes heavy trading of ACOR stock. That has more than 76,000 shares changing hands as investors sell the stock. For comparison, its daily average trading volume is about 4,000 shares.
ACOR stock is down 71.7% as of Tuesday morning.
Investors can find more of the most recent stock market news ready to go below!
We have all of the hottest market news for Tuesday! A few examples include why shares of Kidpik (NASDAQ:PIK) and XTI Aerospace (NASDAQ:XTIA) stock are up today, as well as the biggest pre-market stock movers this morning. All of this news is ready to go at the following links!
More Stock Market News for Tuesday
- Why Is Kidpik (PIK) Stock Up 38% Today?
- Why Is XTI Aerospace (XTIA) Stock Up 89% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
